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Houston-based real estate investment trust $WRI reported a jump in 1Q16 earnings driven by gain on sale and acquisition of real estate joint venture and partnership interests. Net income rose to $107.57MM or $0.85 per share from $45.42MM or $0.36 per share last year. Revenues grew to $132.42MM from $125.6MM.
$CDR's BoD has approved cash dividends of $0.453125 per share on its 7 ¼% Series B Cumulative Redeemable Preferred Stock and $0.40625 per share on its 6 ½% Series C Preferred Stock. Both are payable on February 20, 2018 to shareholders of record as of February 12, 2018.
$KRG has entered into a JV to build and operate a full-service Embassy Suites hotel at its Eddy Street Commons property at the University of Notre Dame. The company will own a 35% non-controlling interest in this $46MM project that was partially funded with $6MM in tax increment financing proceeds.
$UDR announced that Thomas W. Toomey, CEO and President, has been appointed Chairman of the BoD, effective January 1, 2018. Mr. Toomey succeeds James D. Klingbeil. The BoD also established a Lead Independent Director position and appointed Mr. Klingbeil as Lead Independent Director.
$O announced Benjamin N. Fox has been promoted to EVP, Portfolio & Asset Management from his prior role as SVP, Portfolio & Asset Management, effective January 1, 2018. Mr. Fox will continue to report to the company's President and COO, Sumit Roy.
$JACK entered into an agreement to sell Qdoba Restaurant Corp., a wholly owned subsidiary of the company. Under the terms of the agreement, the Apollo funds will purchase Qdoba for approx. $305MM in cash, subject to customary closing conditions. The transaction is expected to close in April 2018.
$CAR said it is now the exclusive car rental partner of $HA. Under the multi-year agreement, $CAR will promote its Avis Car Rental, Budget Car Rental and Payless Car Rental brands, products and services as well as value-added offers directly to $HA's guests and members of HawaiianMiles, the carrier's frequent flyer travel rewards program.
$HST's BoD authorized a regular quarterly cash dividend of $0.20 per share and a special dividend of $0.05 per share, bringing the total dividends declared for the year to $0.85 per share. The dividend is payable on Jan. 15, 2018, to stockholders of record on Dec. 29, 2017.
$MANT announced that George J. Pedersen, Chairman & CEO, will transition from his current role to the role of Executive Chairman, effective January 1, 2018. The company has promoted Kevin M. Phillips as the new CEO, effective Jan. 1, 2018. Pedersen will continue to serve as the Chairman of the BoD. Mr. Phillips has also been elected to the BoD.
$CLI has declared a cash dividend of $0.20 per common share, indicating an annual rate of $0.80 per common share, for the period October 1, 2017 through December 31, 2017. The dividend will be paid on January 12, 2018 to shareholders of record as of January 3, 2018.
$WRI declared a special cash dividend of $0.75 per common share payable on Dec 29, 2017 to shareholders as on Dec 26, 2017. The special dividend will consist primarily of gains on dispositions of properties. The company did not make any change in its policy with respect to regular quarterly dividends.